1. What is ICICI Bank NRI Personal Loan?

ICICI Bank offers personal loans to Non-Resident Indians (NRIs) through platforms like Groww. These loans provide financial assistance for various needs with competitive interest rates and flexible repayment terms.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Total number of payments (loan term in months)
• \( PMT \) — Monthly payment amount (INR)

Explanation: The formula calculates the fixed monthly payment required to fully repay a loan over its term, including both principal and interest components.

3. Importance of Loan Calculation

Details: Accurate loan payment calculation helps NRIs plan their finances, understand repayment obligations, and compare different loan options before committing.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate in percentage, and loan term in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for ICICI NRI personal loans?
A: Interest rates typically range from 10.5% to 16% per annum, depending on credit profile and loan terms.

Q2: What is the maximum loan amount available?
A: ICICI Bank offers NRI personal loans up to ₹40 lakhs, subject to eligibility criteria.

Q3: What is the processing fee for these loans?
A: ICICI Bank charges up to 2.25% of the loan amount as processing fee, plus applicable taxes.

Q4: Can NRIs prepay the loan?
A: Yes, prepayment is allowed after 12 EMIs, with a prepayment charge of up to 5% on the principal outstanding.

Q5: How can I apply through Groww?
A: NRIs can apply through the Groww app by submitting required documents including passport, visa, employment proof, and bank statements.